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Some businesses have very light assets, such as software companies or insurance agencies. The Price-to-Book Ratio does not work well for these companies. Some companies even have negative equity, so the Price-to-Book Ratio cannot be applied to them.
Merlin Properties SOCIMI Price-to-Tangible-Book Related Terms
Merlin Properties SOCIMI Price-to-Tangible-Book Historical Data
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The historical data trend for Merlin Properties SOCIMI's Price-to-Tangible-Book can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MPTYY vs BXP, ARE, VNO: Price-to-Tangible-Book Comparison
For the REIT - Office subindustry, Merlin Properties SOCIMI's Price-to-Tangible-Book, along with its competitors' market caps and Price-to-Tangible-Book data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Merlin Properties SOCIMI Price-to-Tangible-Book vs REITs Industry
For the REITs industry and Real Estate sector, Merlin Properties SOCIMI's Price-to-Tangible-Book distribution charts can be found below:
* The bar in red indicates where Merlin Properties SOCIMI's Price-to-Tangible-Book falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called PB Ratio. The difference between Price-to-Tangible-Book Ratio and PB Ratio is that book value other than intangibles are used in the calculation.
Merlin Properties SOCIMI (MPTYY) has a Price-to-Tangible-Book of 0.94 as of Sep. 16, 2026. Price-to-tangible-book ratio is the ratio of share price to a company's tangible book value per share. View historical data on Merlin Properties SOCIMI and its competitors. According to the industry distribution chart, Merlin Properties SOCIMI ranks #442 out of 909 companies in the REITs industry, placing it in the top 48.6%.
Is Merlin Properties SOCIMI's Price-to-Tangible-Book too high?
Merlin Properties SOCIMI's current Price-to-Tangible-Book is 0.94. The REITs industry median Price-to-Tangible-Book is 0.84. Merlin Properties SOCIMI's value of 0.94 is 11.9% above this industry median. Based on the distribution chart, Merlin Properties SOCIMI ranks #442 out of 909 companies in the REITs industry, which is above the industry midpoint. Overall, Merlin Properties SOCIMI has a GF Score™ of 60/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Merlin Properties SOCIMI's Price-to-Tangible-Book compare to BXP and ARE?
According to the REITs industry distribution chart, Merlin Properties SOCIMI ranks #442 out of 909 companies for Price-to-Tangible-Book. This puts Merlin Properties SOCIMI in the upper half of its industry. The industry median Price-to-Tangible-Book is 0.84. Merlin Properties SOCIMI's value of 0.94 is 11.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Price-to-Tangible-Book for a REITs company?
The median Price-to-Tangible-Book among REITs companies is 0.84, based on 909 companies in the industry. Companies in the top quartile (top 25%) have a Price-to-Tangible-Book significantly above this median, while those in the bottom quartile fall well below. However, Price-to-Tangible-Book should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Merlin Properties SOCIMI's current Price-to-Tangible-Book of 0.94 is 11.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Price-to-Tangible-Book mean?
A high Price-to-Tangible-Book can signal that a stock is expensive relative to its fundamentals. Price-to-tangible-book ratio is the ratio of share price to a company's tangible book value per share. View historical data on Merlin Properties SOCIMI and its competitors. For the REITs industry, the median Price-to-Tangible-Book is 0.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merlin Properties SOCIMI's current Price-to-Tangible-Book is 0.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merlin Properties SOCIMI stock overvalued right now?
Based on GuruFocus' analysis, Merlin Properties SOCIMI (MPTYY) is currently considered Modestly Overvalued. The stock's GF Value™ is $25.75, compared to a current price of $32.16 — trading 24.9% above its estimated fair value. The current Price-to-Tangible-Book is 0.94 and 11.9% above the REITs industry median of 0.84. Merlin Properties SOCIMI's overall GF Score™ is 60/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Price-to-Tangible-Book calculated?
Price-to-Tangible-Book is calculated from a company's financial statements. For Merlin Properties SOCIMI (MPTYY), the current Price-to-Tangible-Book is 0.94 as of Sep. 16, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Merlin Properties SOCIMI (MPTYY) Overvalued in 2026?
Based on GuruFocus' analysis, Merlin Properties SOCIMI stock appears to be overvalued.
The current stock price of $32.16 is trading 24.9% above its estimated GF Value™ of $25.75.
GuruFocus considers Merlin Properties SOCIMI to be Modestly Overvalued.
Key valuation signals for MPTYY:
Price-to-Tangible-Book: 0.94
GF Value™: $25.75 vs. price of $32.16 (24.9% above fair value)
Industry Position: 11.9% above the REITs median (#442 of 909)
No single metric tells the full story. See the MPTYY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Merlin Properties is Spain's largest listed SOCIMI/REIT, managing a EUR 12.6 billion portfolio across offices, logistics, shopping centers, and data centers. Over the coming years, it will bring 730 MW of data center capacity online, increasing its gross rental income contribution from just 6% in 2025 to 65% by 2032. Its total GRI will more than triple to EUR 1.8 billion, driven by this "Mega" plan. Additionally, it has a pipeline of 4.4 GW worth of land at varying stages of readiness it can develop.
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